Jiangsu Guotai International Group Co Ltd News

According to reports, Sumatec Resources Bhd, through its wholly-owned subsidiary Semua Shipping Sdn Bhd, has entered into two shipbuilding contracts with Yangzhou Kejin Shipyard Co Ltd and Jiangsu Guotai International Group Co Ltd for the construction of two 8,000-ton product oil tankers. The purchase will be funded by internally generated fund and bank borrowings. Delivery of the first vessel is expected in August 2008 while the second will be delivered in October 2008.